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Stock Market & Financial Investment News

News Breaks
April 10, 2014
12:25 EDTIMPV, RAD, EBAY, RT, ALLY, BBBY, GMOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite U.S. jobless claims dropping to their lowest level since 2007. Stocks began the session slightly lower following disappointing trade data from China, but the market seemed to briefly try and make a move into positive territory shortly after the opening bell. The attempt was short circuited when the tech-heavy Nasdaq began to weaken and the averages have continued to drift lower throughout the morning, leaving the Nasdaq down more than 2% near noon. ECONOMIC EVENTS: In the U.S., initial claims for unemployment benefits fell to 300K last week, hitting their lowest weekly level since May 2007. However, many discounted the figure, which can be volatile around March and April due to the timing of Passover and Easter, as well as other seasonal factors. Export prices rose 0.8% in March, while import prices grew 0.6%, both of which were greater than expected advances. In China, exports fell 6.6% from a year earlier in March, while imports plunged 11.3%. Economists had predicted year-over-year gains for both. COMPANY NEWS: Shares of eBay (EBAY) fell over 2.5% after the online marketplace operator struck a deal with noted investor Carl Icahn to end his proxy contest before the company’s upcoming annual meeting. The company agreed to Icahn’s suggestion to appoint David Dorman, a founding partner of Centerview Capital Technology, as an independent director and Icahn withdrew both his proposal to separate the company’s PayPal business and his two nominees to the company’s board... Shares of Ally Financial (ALLY), which was formerly the auto finance and financial services arm of General Motors (GM), were lower in their first day of trading following the company's return to the public markets. The Treasury Department, which had been Ally’s majority shareholder after rescuing it during the 2008 financial crisis, raised $2.38 billion by selling 95M shares at $25.00. General Motors made news again as well by confirming that two of its engineers have been placed on paid leave as part of the company's ongoing ignition switch recall probe. MAJOR MOVERS: Among the notable gainers following their earnings reports were drugstore operator Rite Aid (RAD), which rose 10% and casual restaurant owner Ruby Tuesday (RT), which gained 13%. Among the noteworthy losers was home furnishings retailer Bed Bath & Beyond (BBBY), which dropped over 6% after the company's first quarter profit outlook significantly trailed analysts' consensus estimate and the stock was downgraded to Neutral at Bank of America Merrill Lynch. Also lower were shares of data security solutions provider Imperva (IMPV), which plunged 41% after the company slashed its first quarter profit and sales outlook and the stock was downgraded at both Deutsche Bank and Oppenheimer. INDEXES: Near midday, the Dow was down 124.91, or 0.76%, to 16,312.27, the Nasdaq was down 92.72, or 2.22%, to 4,091.18, and the S&P 500 was down 21.90, or 1.17%, to 1,850.28.
News For EBAY;GM;ALLY;RAD;BBBY;RT;IMPV From The Last 14 Days
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February 24, 2015
11:40 EDTEBAYStocks with call strike movement; MU EBAY
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06:39 EDTEBAYVisa Europe announces 'tokenisation service'
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February 23, 2015
10:40 EDTGMGM ignition-switch deaths increase to 57, WSJ says
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10:15 EDTIMPVCyberArk sinks after JPMorgan analyst cuts rating to sell
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06:24 EDTGMGeneral Motors to legally challenge worker strike in Brazil, WSJ reports
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06:21 EDTEBAYFacebook's shuttle drivers approve new union contract, WSJ reports
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06:06 EDTRADStocks with implied volatility movement; JNJ NUGT
Stocks with implied volatility movement; Halliburton (HAL) 32, Rite Aid (RAD) 34 according to iVolatility.
February 22, 2015
14:20 EDTGMUAW chief says GM buyback proposal too much, premature, Reuters says
Dennis Williams, the president of the UAW, said that an investor group’s proposal that GM buy back $8B of its stock is premature, and the amount too high for the company’s long-term health, says Reuters. The UAW indirectly controls the largest single block of General Motors shares, added Reuters. Reference Link
February 20, 2015
08:11 EDTALLY, GMAlly CEO exploring subprime lending, sees loss of GM business, Detroit News says
Ally (ALLY) CEO Jeffrey Brown stated in a Thursday interview with The Detroit News that the company may return to offering credit cards and home mortgages, and currently plans to expand auto lending to subprime customers. The CEO said he expects to decide within 30-60 days whether Ally will consolidate its five locations to a single headquarters in the Detroit suburbs. Brown added that he expects GM (GM) to shift its $4.1B subsidized leasing program for Chevrolet from Ally to GM Financial, which the Ally CEO wants to offset by increasing subprime lending from 9% of total lending to 12%-15%. Reference Link
07:04 EDTGM, ALLYAlly CEO assuming company will lose all of GM's leasing business, Reuters says
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06:41 EDTGMApple pushing for 2020 production of its electric car, Bloomberg says
Apple (AAPL) is pushing to begin production of its electric vehicle as soon as 2020, reports Bloomberg, citing people with knowledge of the matter. Bloomberg notes that the move could put Apple into direct competition with Tesla (TSLA) and General Motors (GM), both of which are targeting a 2017 release for next-generation electric vehicles. Apple may still cancel the project if it becomes unhappy with progress, the sources said, though its vehicle team is already 200-people strong. Reference Link
06:06 EDTGMGeneral Motors names Craig Glidden as new general counsel
General Motors (GM) announced yesterday that Craig B. Glidden has been appointed executive VP and general counsel, effective March 1. Glidden will lead a team of staff attorneys who are integrated into all of GM’s regional and functional teams in more than 30 countries. Glidden succeeds Michael Millikin, who is retiring in July after a nearly four-decade legal career, including five years as GM’s general counsel. Before joining GM, Glidden was executive VP and chief legal officer for LyondellBasell Industries (LYB).
February 19, 2015
12:30 EDTIMPVImperva management to meet with Sterne Agee
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February 18, 2015
15:15 EDTEBAYAngie's List could be more attractive to buyers given traction, says Barrington
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06:38 EDTGMCar sales rose in Europe last month, NY Times says
European car sales increased 6.7% in January, versus the same period a year earlier, data from the European Automobile Manufacturers’ Association indicates, according to The New York Times. January was the 17th straight month that European car sales have increased, but they remain well below the levels they reached before the financial crisis, the newspaper stated. Publicly traded companies in the space include Fiat Chrysler (FCAU), Fiat S.p.A. (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
February 17, 2015
17:13 EDTGMPoint72 gives quarterly update on stakes
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17:06 EDTEBAYIcahn gives quarterly update on stakes, takes new stake in Manitowoc
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08:06 EDTIMPVImperva revenue growth set to rebound, says Oppenheimer
After meeting with Imperva's management, Oppenheimer says that the company's focus on salesforce best practices and its good execution should cause its revenue growth to accelerate. The firm adds that demand for the company's products is strong, and it keeps a $55 price target and Outperform rating on the shares.
06:57 EDTGMGM in court Tuesday over bankruptcy shield, WSJ says
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05:58 EDTGMGeneral Motors recalls 81,000 Malibus, Pontiacs due to power steering issue
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